Free trade: Beef and ag leading Queensland exports to key international markets
Queensland exporters are making the most of Free Trade Agreements with international markets, with export shipments to key destinations like Japan, Mexico, Chile and America increasing up to 106% last financial year.
Chamber of Commerce and Industry Queensland (CCIQ) export data shows exports to nine key international markets increased in the 12 months to June, where Australia has bilateral and unilateral free trade agreements in place.
Overall, Queensland exports increased 6% last financial year.
CCIQ International Trade and Strategic Relationships Manager Diana Gueorguieva said there was increased demand internationally for goods made in Queensland, a result of successful export markets diversification, open borders and exporters successfully utilising the Australian Free Trade Agreements.
“Queensland exporters successfully diversified their exports markets and products which is real testament to their resilience and determination not only to deal with ongoing export challenges but to make their business a success internationally,” Ms Gueorguieva said.
“Free Trade Agreements mean Australian businesses have access to additional business opportunities, tariff reductions, access to regional value chains, and in the case of the most recent Regional Comprehensive Economic Partnership (RCEP) – it means simplified administration under a single set of rules and procedures for accessing preferential tariffs across a whole region.”
It comes as the world’s largest free trade agreement RCEP came into force on January 1 for 10 of the 15 country signatories- Australia, New Zealand, Brunei Darussalam, Cambodia, China, Japan, Laos, Singapore, Thailand and Vietnam followed by Republic of Korea on February 1 and Malaysia on March 18. For Indonesia, Myanmar and Philippines, RCEP will enter into force once the ratification processes are concluded.
It means there are significant long-term opportunities for Queensland businesses in 14 international markets.
Last financial year Queensland businesses exported to 129 export markets.
More than 70% of Queensland exporters were agribusiness products while manufacturing, energy and resources represented close to 30%.
Ms Gueorguieva said while beef held steady as the most exported commodity, representing close to 30% of all exports, growth in volume was driven by food and beverage exports which increased by 149% with grains, fresh produce and other meat exports also increasing between 8% and 21% compared to 2021.
“CCIQ will support businesses to succeed internationally with advice and education on export and Free Trade Agreements between Australia and other countries, Certificates of Origin, ATA Carnets, business connections and other assistance as required,” Ms Gueorguieva said.
For more information or to become a CCIQ International member see the CCIQ website.